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Volume 9: Issue 1 | Date: February 4, 2019
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COMMERCIAL LENDING NEWSLETTER
You are receiving this letter because you are one of my Spartans - my top-producing brokers and investor clients - of whom I am allowed to have 300. Removal instructions are below. Today we'll discuss why construction loans never close for mortgage brokers. We also have lots of cute, clean jokes, some funny pics, and a hilarious video of a stand-up comedian using misheard song lyrics. You'll be rolling on the ground! Ha-ha!
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Joke Du Jour
Even though my girlfriend is a meth addict, she is still so beautiful… That hair, those eyes, that tooth.
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Still Making Nationwide Permanent Loans From $100K to $3.5M
Do you need a commercial lender who will actually lend up to 75% LTV? Blackburne & Sons has decided to compete against banks by offering a higher LTV.
Do you need a lender who will also look at the borrower's global income - income from salaries, other investments, etc.? Do you need a lender who will allow the seller to carry back a second mortgage? Does your client have a balloon payment coming due on his commercial property? Has your bank offered him a discounted pay-off? Does your borrower have less-than-stellar credit? Is your client's company losing money? Is your borrower a foreign national? Do you need a non-recourse loan? Do you need a commercial loan with no prepayment penalty? Is your client's commercial property partially vacant? Do all of your commercial leases run out in the next 18 months? Do you need a lender who will allow a negative cash flow? Do you need a loan against a portfolio of rental houses?
And don't forget, we will quickly and happily issue you a written Loan Approval Letter - at no charge - that you can use as a fallback and to lure cheaper lenders. After all, everyone wants to lend to you if you already have a commitment. Here is our latest rate sheet.
Blackburne & Sons is looking for commercial real estate loans that are not quite clean enough for a bank. Please click here to submit a hard money commercial loan or call me, Alicia Gandy, at (916) 338-3232 Ext. 310.
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That Football Hall of Fame Commercial Was Pretty Good (No Idea What They Were Selling)
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- Today's Lesson -
Why You Will Never Close a Construction Loan
The first place a developer calls to get a construction loan is his own bank. Commercial banks love to make commercial construction loans because they are short-term and high-yield investments. If the deal makes sense, you can bet that the developer’s own bank, or another nearby bank, will quickly snap up the deal. Therefore, if a construction loan request reaches a commercial loan broker, you can bet that the deal has already been shopped all over town.
The problem is almost always that the developer doesn’t have enough equity in the project; i.e., skin in the game. This is especially true since the Great Recession. Modernly banks demand that the developer contribute at least 30% to 40% of the total project cost. That’s really-really hard to do.
Blackburne & Sons is now raising equity for small development deals.
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Boomerang Joke
I threw a boomerang a few years ago. Now I live in constant fear.
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We're Now Making Business Purpose Rental Home Loans in Most States
These loans are sometimes known as buy-to-rent loans. For the past 38 years, Blackburne & Sons has exclusively been a commercial lender. This has now changed. We are aggressively seeking non-owner occupied home loans in these states:
- California
- Florida
- Arizona
- Washington
- New Jersey
- Missouri
- Maryland
- Ohio
- Alaska
- New York
- Texas
- Virginia
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Probably your state too. We'll quickly call our attorney.
- Nevada and Minnesota are unfortunately out.
The property has to be non-owner occupied, and the purpose of the loan must be for business. The nice thing about business purpose home loans from Blackburne & Sons is that our loans have a 30-year amortization, a 15-year term and no prepayment penalty.
Got a commercial deal nationwide or a business purpose, non-owner-occupied residential deal in one of the above four states? Please call me:
Alicia Gandy
Loan Representative
P: (916) 338-3232 Ext. 310
gandy@blackburne.com
NMLS #389678
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Free Tattoo Joke
A tattoo parlor in my neighborhood is offering a free tattoo to any lady who flashes her boobs. It’s their Tit-for-Tat special.
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Submit Your “A” Quality Commercial Loans Using C-Loans
You old veterans know that commercial lenders are incredibly fickle. One moment a bank loves self storage loans, and the next moment - usually after taking a loss - it wouldn't touch a self storage facility loan with a ten-foot pole. C-Loans.com is a commercial mortgage portal that was designed with commercial lender fickleness in mind. You fill out one mini-app, and then you can submit your commercial loan application to bank after bank, six at a time, until you find a bank hungry to make a commercial loan today. Mortgage brokers like you have closed over 1,000 commercial real estate loans totaling over $1 billion, so C-Loans clearly works. And C-Loans.com is free!
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Purchasing Power Joke
I remember when I was a kid, I could go to the store with $1 and come home with 3 bags of chips, 2 candy bars, a Twinkie, and an ice cold drink. Nowadays, they've got cameras everywhere.
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CommercialMortgage.com Just Keeps Getting Better and Better
Every day we add two to five new banks and credit unions to CommercialMortgage.com. With almost 4,000 banks, credit unions, and other commercial lenders, CommercialMortgage.com is by far the largest databank of commercial lenders in the country.
Do you understand that CommercialMortgage.com is absolutely free to use? The lenders listed do NOT jack up their loan fee in order to pay a software licensing fee to C-Loans, Inc. One of the most successful commercial mortgage brokers in the entire country is Les Agisim of Trevor Cole Commercial, and Les uses CommercialMortgage.com all of the time. You would be wise to do what the successful guys do.
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Kids, You're Driving Me Nuts! Go Play Outside
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PowerPoint Joke
My dad showed me a 30-minute PowerPoint presentation on why one should always wear a condom during (marital relations). All the slides were just pictures of me.
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The Blackburne List - Freshly Updated in 2019
The Blackburne List is a list of over 2,500 commercial lenders located nationwide. It is available for purchase for just $79.95. Is money tight? You can also buy one of our three Regional Lists (750+ lenders) for just $39.95.
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Labor Joke
A woman in labor suddenly shouted, “Shouldn’t! Wouldn’t! Couldn’t! Didn’t! Can’t!” “Don’t worry,” said the doctor, “Those are just contractions.”
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Commercial Mortgage Marketing Course - Freshly Updated in 2019 - $199
Need commercial mortgage leads? This Commercial Mortgage Marketing Course will teach you how to turn on a flow of commercial leads as easily as turning on a spigot.
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Hippie Joke
What do you call the wife of a hippie? Mississippi.
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Have You Been Screwed Out of a Big Loan Fee Yet?
Whenever someone boasts of being a good horseman, I always ask him, “Have you ever been thrown?” The correct answer is, “Many, many times”. There is an old saying, “If you ain’t been thrown, you ain't ridden very much.”
The same is unfortunately true of commercial mortgage brokerage. You will screwed out of a loan fee of $10,000 or more at least twice per year for your entire career. Now I am NOT talking about the borrower closing the loan and not paying you. That rarely happens. What these dastardly borrowers do is lie to you or cancel on you. You would be a flipping idiot not to pay a lousy $199 for my ninety-minute video training course, Fee Collection For Commercial Mortgage Brokers. It includes my famous fee agreement. Go ahead and ignore this section. You will cry, I absolutely guarantee you.
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When the Romans Pulled Out of Britain, the Angles and Saxons Poured Over From Denmark and Slaughtered the Celtic Population
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Become a Hard Money Lender - Just $549
Because banks are only paying 1% for deposits, it has never been easier to become a hard money lender. Hard money brokers make three to ten times more than generic desk-and-a-phone mortgage brokers. Four-hour video course, How to Find Your Own Private Mortgage Investors. In truth, if you don’t want to become a direct commercial lender, rather than just a mere mortgage broker… well, how do I sensitively say this? Maybe you shouldn’t have children? Haha!
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Driver's Test Joke
I failed my driving test today. I was driving down a country road with the examiner, when a rabbit ran out right in front of the car. I remembered my instructor said you should never swerve or try to avoid an animal because it's dangerous, and you can end up causing a more serious accident. You should always just hit it and keep on driving. Had to chase that little bugger for miles across the fields before I finally got it! (No cute little bunnies were hurt in the making of this joke.)
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It's the Loan Servicing Income, Folks
No one ever listens to me. Please pay attention! The money in the mortgage industry is in loan servicing fees, and servicing loans is easy. For your first 50 deals, you can just hire a sub-servicing company for $40 per loan per month. I charge my investors $1,583 per month (!!!) for servicing a one-million dollar loan. $1,580 per month minus $40 equals...The loan servicing portfolio for Blackburne & Sons just broke $53 million this quarter. Since our average loan servicing fee is two percent annually, that means we earn over $1 million per year for servicing just 250 loans. How would you like to walk in the door on the first of each month knowing that you will earn at least $83,000? Find your own private mortgage investors.
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Maybe He Shouldn't Have Children Either
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French Joke
When I was a kid, my parents would always say, "Excuse my French”, after a swear word… I'll never forget that first day at school when the teacher asked did we know any French.
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LGBTQ Joke
Every time I ask someone what the acronym LGBTQ stands for… I can never get a straight answer.
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What Have Carrots and Brussel Sprouts Done Recently?
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On a Personal Note
Yesterday was the Super Bowl featuring the New England Patriots VS Los Angeles Rams. Pretty much everyone I know was routing for the Rams to win. The Patriots have had their fair share of being a part of the Super Bowl. We hosted a party and had about 20 people over for the big game. We had a huge table full of food. We made tri-tip sandwiches, buffalo chicken celery sticks, salami, cream cheese and pepperoncini roll-ups, spinach dip, homemade mac & cheese, hot onion dip and baguettes, veggies & ranch tray, hot wings, jalapeno poppers, chips and salsa, and cookies. It was quite the spread. It was a wonderful day filled with family and friends, laughter and fun….and ultimately the Patriots took the win!
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Alicia Gandy
CA DRE #01430908
NMLS #389678
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Final Funny
A woman tells her friend she is getting married for the fourth time. "How wonderful! I hope you don't mind me asking, what happened to your first husband?” "He ate poisonous mushrooms and died.” "Oh, how tragic! What about your second husband?”
"He also ate poisonous mushrooms and died.” "Oh, how terrible! I'm almost afraid to ask you about your third husband.” "He died of a broken neck.” "A broken neck?” "He wouldn't eat the mushrooms."
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BLACKBURNE & SONS
Realty Capital Corporation
4811 Chippendale Drive, Suite 101
Sacramento, CA 95841
P: (916) 338-3232
F: (916) 338-2328
CA DRE #829677 // NMLS #103430
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George Blackburne III, Esq.
Owner and President
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CA DRE #00623143
NMLS #104120
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A member of the Blackburne Family of Companies
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